The minimum you need to make depends on your age, marital/tax filing status and some other factors (such as whether you netted at least $400 from self-employment). The income that will trigger mandatory federal tax filing ranges from $10,300 for singles under 65 to $17,300 for “qualifying widow(ers)” who are 65 or over.

Even if you don't have to pay taxes on the income you earned, there are reasons why filing a return may be worth it: Namely, you could end up with a refund. People who do owe taxes should also be sure not to miss out on these tax refunds and credits. And check the last section to see if you need to file even if no refund is in the offing.

You're Eligible for a Tax Credit

If you're eligible for one of these six tax credits, it's definitely worth filing your federal income taxes.

– Earned Income Tax Credit

The Earned Income Tax Credit was set up by Congress to allow low wage earners the ability to hold on to more of their paycheck. If your tax obligation is less than the amount of the credit, you may be eligible for a refund of the remaining tax credit. To find out if you're eligible for this credit, click here. For details, read Earned Income Tax Credit: Why Millions Pay No Tax.

If you're eligible, the lifetime learning credit can give you a tax credit of up to $2,000 for qualified education expenses and there's no limit to the number of years in which you can claim it. You can't file for both it and the American opportunity tax credit (see above), and that other credit is generally worth more.

You may be eligible for a tax credit for some portion of the money you put into a retirement savings plan, such as a 401(k) or IRA. There are income limitations. The outside amount you can earn and still be eligible for a credit ranges from $61,000 for those who are married, filing jointly to $30,500 for “all other filers” (singles; married, filing separately; qualifying widow(er)s). For more information, see this page on the IRS website.

Refund or Not: Avoid a Penalty for Not Filing

Even if you didn't make enough money to meet the IRS minimums – and you aren't owed a refund – there are other reasons you may have to file federal taxes. If you were self-employed and earned more than $400, you sold your home, received distributions from a retirement account, owe Social Security or Medicare taxes on tips that you didn't report, or if you're subject to the alternative minimum tax, you may have to file a return. Be sure that you don't have to file a return or there could be IRS penalties if you have to file later.

The Bottom Line

Don't assume that because you didn't make enough money to file a return you shouldn't file. Many tax credits are available to you even if your tax bill will be zero this year. Some of the credits are more than $1,000 so taking the time to read about the credits available to you could result in a healthy refund check this year.